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Australia

Victory Bore Project

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Summary

Mine TypeOpen Pit
Study CompletedPrefeasibility
Commodities
  • Vanadium
  • Titanium
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
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Mine Life... Lock
SnapshotThe Victory Bore Project is the Surefire Resources’ largest and most advanced project comprising a world-scale critical and battery minerals deposit. The Company completed a Pre-Feasibility Study on the project in December 2023 and is pursuing a strategic investor strategy to complete the next phase of studies, design and construction.

The Company is progressing the development of a mining and beneficiation operation at the Victory Bore deposit site to produce a high-quality magnetite concentrate.

The magnetite concentrate will then be transported to Geraldton Port and on-shipped to Port Daaman in the Kingdom of Saudi Arabia (KSA), where a downstream processing facility will be established to produce high purity products of Vanadium Pentoxide, Ferrovanadium, vanadium electrolyte, Pig-Iron, Iron oxide, Titanium slag.

As of April 2025, Surefire Resources is engaging with strategic partners to finalise a Definitive Feasibility Study and fund project development.

Owners

SourceSource
CompanyInterestOwnership
Surefire Resources NL 100 % Indirect
The Victory Bore project is 100%-owned by Surefire Resources.

Contractors

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Deposit type

  • Intrusion related

Summary:

The Victory Bore Project occurs within the Atley Igneous Complex in the East Murchison Mineral field. The region is dominated by the Youanmi Fault, indicating a 15 km left lateral strike-slip movement. Gneisses, layered gabbroic intrusions, and greenstone units are present between large granitoids to the west and east.

The Atley Intrusion is an Anorthosite body that is elongate in an NNE/SSW orientation and runs along the axis of the regional scale Youanmi Fault, a regionally dominant geological feature. Further drilling and assaying is required to fully assess the geology and style of mineralisation.

Mineralogy and petrology studies completed suggest that host rocks at Unaly Hill are historical magnetite layers within intrusive Anorthosite, gabbro and ultra mafics. The targeted deposit type and style of mineralisation is a Fe-Ti-V magnetite system.

The layered gabbroic intrusives host the vanadium-titanomagnetite that constitutes the resource. The magnetite rich layers strike at 020° and dip steeply to the west. The gabbroic layers range from leucogabbro which contain plagioclase phenocrysts, to metagabbro or gabbronorites. Magnetite crystals are course, and concentrated towards the base of each layer where they are typically massive to semi-massive. Overlying this is a layer of disseminated magnetite with 0.2% to 1% pyrite and pyrrhotite.

Most of the orebody comprises 2 massive lodes of ~50m wide that trends continuously for ~7km north-south, and dips ~75° to the west from surface, making it ideal for open pit bulk mining.

Dimensions
The majority of the geologically interpreted Victory Bore mineralised occurrence has an approximate 7200m strike length. The mineralisation interpreted width ranges from approximately 30 m to 150 m depending on the zone observed. Mineralization in the majority of the deposit area extends and has been modelled to a depth of approximately 250 m below topographic surface.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnitsAvg. Annual
Titanium Slag t 192,880
V2O5 Flake t 2,580
Iron Ore t 245,480
Iron Pig t 364,480
Ferrovanadium Concentrate kt 5.8
Iron (hematite) Ore t 245,480

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
Assumed price Titanium slag USD  ....  Subscribe
Assumed price Pig iron USD  ....  Subscribe
Assumed price Ferrovanadium USD  ....  Subscribe
Assumed price Fe2O3 USD  ....  Subscribe
Assumed price V2O5 USD  ....  Subscribe
Assumed price Iron Ore USD  ....  Subscribe
* According to 2023 study / presentation.

Operating Costs

CurrencyAverage
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
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Pre-tax NPV @ 10% $M USD  ......  Subscribe
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Pre-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 6, 2025

Workforce

Total WorkforceYear
...... Subscription required 2023

Aerial view:

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